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J.C. Penney: Pleased With Turnaround Progress

9/26/2013 11:04AM

J.C. Penney’s stock closed at a 13-year low on Wednesday. On Thursday morning, the retailer said it anticipated positive same-store sales trends through the rest of the year. Steven Russolillo joins MoneyBeat. (Photo: AP)

This transcript has been automatically generated and may not be 100% accurate.

... I'm ... J C Penney shares to a thirteen year low this week ... kept calling the shares are down again today a little bit there you see in the futures market there are down tremendously ... even after the couple's for a comic about this team is trying to squelch this selloff has been going on all week ... work for a moment but you can see there this year the data ... and a downward spiral in J C Penney's stock continue Steve Russolillo ... here with the de tails ... so people will look into J C Penney made a statement ... they made a statement this morning ... on ... out what you make of this the ... gas in the statement came out in the company said that intent and anticipates positive same-store sales trends so it says it sees its after sales improving for the rest of the year ... it says it's pleased with its turnaround plan right now so ... some optimistic signs up but it didn't quite addressed exactly what people were hoping for and that is ... ceasing Penney's cash position is is dwindling down right now ... on Goldman Sachs put out a scathing report this week basically saying that im this means to do something and quickly ... a day and week report in the Journal that they're looking at explain possibility of borrowing more money from several that and the players including Goldman so ... I'll what's moving parts re hear the news here this is the stain is part of the statement from them this morning ... here it's one thing for them to stay in one please with our progress ... this is a company that has not made money in more than two years and no one thinks they're going to make money for at least another year maybe even two years out ... this is a company that is move lending to Goldman Sachs report released ... his company is losing money ... quarter after quarter after quarter ... at and this statement really does not begin to address how to fix that right right in a talk about some positive comparable trends from a year ago but ... there was so bad so I think that I have to be a little bit better than ... you know the flip side is that you know when they have in the new CEO who's the old CEO Mike Ullman who ... was CEO before Ron Johnson he's back now there's hopes he's gone back to some of the traditional strategies pricing strategies that the company ... used to employ ... so they've got a notice of the discounting of Ron Johnson brought so ... there's some hope at least from the bulls that maybe his where will will sort of the layout it'll be a positive factor for the company at least in the end of the year and into next year but that they become a minority on the ball the timing of stock in battle and anti euro is very loosely ... short interest is going very high on this ... people are in the market are bidding against is Compass they're betting against the guy I mean if you just look at this that's it's not pretty in the stock set a thirteen year low the the the market cap of this company is now two point two billion were roughly around two billion right now which is the law was to the Essen P five hundred rate now so ... that that that C C Penney is the smallest of the SB five hundred to staggering price then as you mention the short interest we also got some video supermarket ... was a data provider that is that ... this is that the second most heavily shorted stock in the Essen P five hundred so not only is that on so much but it's so heavily shorted people are betting that will fall even more ... so a lot going against the right now they're going to have to do a lot more than just a couple of the leeward stay ... with this that I steamers alone thank you very much